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Lundi 17 Mai 2010 à 12:38

Légère hausse des recettes au 31 mars, avec une nette augmentation de l'ebitda due à une réduction des coûts d'exploitation.

Amaro (Italie), le 14 mai 2010

- Recettes consolidées : de 19,31 millions EUR à 19,75 millions EUR, +2,3 %,

- Bénéfice brut consolidé : de 10,48 millions EUR à 10,15 millions EUR

- EBITDA consolidé : de -1,17 million EUR à +0,09 million EUR

- EBIT consolidé : de -3,13 millions EUR à -2,02 millions EUR

- Bénéfice (perte) consolidé(e) avant impôts : de -2,97 millions EUR à -2,38 millions EUR

- Endettement financier net : 10,85 millions EUR

Today the Board of Directors of Eurotech S.p.A. reviewed and approved the results relating to the first quarter of 2010.

In the first three months of the year, Group revenues were Euro 19.75 million, compared with Euro 19.31 million in the first three months of 2009. This 2.3% increase represents a first step towards the recovery in revenues after the downturn last year. The current global business cycle remains unstable, but various sectors and markets are showing definite improvement, as confirmed by rising orders from customers.

Gross profit remains at the same level as at 31 December 2009, 51.4%. The slight contraction from 54.3% in Q1 2009 reflects Group business performance in terms of the mix of products sold. However, the ratio of gross profit to revenues remained above 50% in the first quarter of 2010, which is the target set by management. Once again, it confirms on one hand the validity of the business model applied by the Group, based on the sale of high value products, and on the other hand the constant attention on containing COGS.

During the reference period, gross of adjustments, operating costs decreased from Euro 12.1 million in the first quarter of 2009 to Euro 10.8 million in the first quarter of 2010. This improvement had a significant impact on Group EBITDA.

In the quarter just ended, the Group benefited from the policy implemented last year and continued this year to contain fixed costs, streamline existing resources, and identify and activate synergies amongst different subsidiaries.

In Q1 2010 EBITDA rose to Euro 92 thousand from a negative Euro 1.17 million in FY 2009. As previously mentioned, this improvement reflects the actions taken by management to contain operating costs and resulted in a different ratio of EBITDA to revenues, which rose from -6.0% in Q1 2009 to 0.5% in Q1 2010.

EBIT improved to Euro -2.02 million in Q1 2010, compared with Euro -3.13 million in Q1 2009. The ratio of EBIT to revenues is influenced by the level of revenues, which remains lower than the real potential of the organisation, and is equal to -10.2%, compared with

-16.2% in Q1 2009.

This performance is also tied to the performance of EBITDA as commented above. In any event, it reflects the depreciation and amortization charged to income in Q1 2010, resulting both from the non-current operating assets that starting depreciating in the period to 31 March 2010, and to the effects resulting from price allocation of the acquisitions of Eurotech Inc. (former Applied Data Systems Inc. and former Arcom Control Systems Inc.) and the Advanet Group. The effect on EBIT of the higher value attributed as a result of price allocation was Euro 786 thousand in Q1 2010, compared with Euro 815 thousand in Q1 2009.

There was a pre-tax loss in Q1 2010 of Euro -2.38 million (compared with a loss of Euro 2.97 million in Q1 2009). This performance was influenced by the factors outlined above. Price allocation effects on the pre-tax result amounted to Euro 629 thousand in Q1 2009 and Euro 1,520 thousand in Q1 2010.

Group net loss decreased from Euro 3.20 million in Q1 2009 to Euro 2.73 million in Q1 2010. The total effects stemming from price allocation had a Euro 1,162 thousand impact on Group net loss in Q1 2010 (It was Euro 265 thousand in Q1 2009).

The Group had net financial debt of Euro 10.85 million at 31 March 2010 against net financial debt of Euro 10.11 million at 31 December 2009.

This change is principally attributable to the affect of the foreign exchange adjustment on the financial liability at fair value of Euro 11.2 million (Euro 10.4 million in 2009) related to the put OPTION on 25% of the shares of Advanet Inc. that is exercisable over coming months. This liability is not yet final but represents the best estimate at the present time. Net of the Advanet option, the net financial position would be positive by Euro 309 thousand.

Net working capital remains substantially unchanged, rising from Euro 27.63 million at 31 December 2009 to Euro 27.68 million at 31 March 2010, a value that is on par with the amount at 31 March 2009 (Euro 27.82 million).

We advise the public that, as required by the CONSOB (Italian securities & exchange commission), the Interim Management Statement at 31 March 2010 is available to anyone who asks for it at the company's registered headquarters as well as at the headquarters of Borsa Italiana SpA. The report is also available on Eurotech's website at the address

Pursuant to Article 154-bis, paragraph 2, of the Italian Consolidated Finance Act (Legislative Decree 58/1998), the financial reporting manager of Eurotech SpA, Sandro Barazza, herewith declares that the financial disclosure contained in this press release corresponds to documentary evidence, corporate books, and accounting records.


Eurotech (ETH.MI) is a global company based in Italy and with locations in the rest of Europe, North America and Asia. The Eurotech group develops and markets miniaturised computers for special uses (NanoPCs) and computers featuring major computing capacity (HPCs - High-Performance Computers). With these two product categories, Eurotech aims to become a leader in implementation of the pervasive computing infrastructure commonly known as Cloud or Grid, capable of enabling an entire range of value-added services and functions in the transport, defence, industrial, medical and scientific-research sectors.

Company contacts:

Investor relations

Andrea Barbaro

Tel. +39 0433-485411


Communication department

Cristiana della Zonca

Tel. +39 0433-485411


International Press Office

Giovanni Sanfelice di Monteforte

Barabino & Partners UK Plc.

53, Davies Street - London W1 K5JH

Tel.: +44 (0)20 71526425








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